$8.1 million convertible note financing by Investissement Québec and current investors CTI Life Sciences Fund and adMare BioInnovations
MONTREAL, Sept. 16, 2024 /CNW/ - Find Therapeutics Inc., a biopharmaceutical company focused on the development of innovative therapies for autoimmune diseases, today announced the closing of a $8.1 million (CAD$11 million) convertible note financing led by Investissement Québec with participation from current investors CTI Life Sciences Fund and adMare BioInnovations. The proceeds of the convertible note will be used to advance FTX-101 into Phase 1 clinical studies.
“We are excited to welcome Investissement Québec as a new investor in Find,” said Philippe Douville, CEO of Find. “With the recent clearance of the IND by the FDA and this new investment by Investissement Québec and our current investors, we are able to accelerate FTX-101 into the clinic to bring a much-needed myelin repair therapy to patients.”
The Phase 1 clinical trial is anticipated to commence in Q4 2024 and is designed to evaluate safety, tolerability, and pharmacokinetics of FTX-101 across different dose levels in healthy volunteers.
“Investissement Québec is proud to assist Find Therapeutics in its innovation and development efforts and to help fill a gap in the capital chain for young biotech businesses,” said Bicha Ngo, President and CEO of Investissement Québec. “Through our support for the company, we are contributing to the launch of its clinical studies and enabling it to deliver on the next phases of growth, with the ultimate aim of promoting better visual health.”
About FTX-101
Find’s lead compound, FTX-101, is a first-in-class remyelinating agent that aims to restore vision in people suffering from Chronic Optic Neuropathy (CON). FTX-101 is a rationally designed therapeutic peptide that targets Plexin A1 and Neuropilin 1, a receptor complex present in the brain that has been shown to be involved in the migration and differentiation of oligodendrocyte precursor cells into myelinating oligodendrocytes. Compelling preclinical data for FTX-101 in demyelinating models show strong myelin repair activity.
About Investissement Québec
Investissement Québec’s mission is to play an active role in Quebec’s economic development by stimulating business innovation, entrepreneurship, and business acquisitions, as well as growth in investment and exports. Operating in all the province’s administrative regions, the Corporation supports the creation and growth of businesses of all sizes with investments and customized financial solutions. It also assists businesses by providing consulting services and other support measures, including technological assistance available from Investissement Québec Innovation. In addition, through Investissement Québec International, the Corporation prospects for talent and foreign investment, and assists Quebec businesses with export activities.
About Find
Find Therapeutics is dedicated to the development of next generation therapies to treat inflammatory autoimmune diseases. The company was launched in 2020 with investments from CTI Life Sciences, adMare BioInnovations and Domain Therapeutics and an exclusive license from Strasbourg University on a technology and related know-how initially developed by Dr. Dominique Bagnard. Visit www.findtherapeutics.com for more details about Find Therapeutics.
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SOURCE Find Therapeutics Inc.
